Core Points - The legal opinion letter confirms the legality of the procedures and results of the 2024 annual general meeting of Jiangsu Yaxing Anchor Chain Co., Ltd. [1][20] - The meeting was held on May 22, 2025, with a total of 743 shareholders present, representing 371,843,833 shares, which is 38.7580% of the total shares [4][20] - The voting results showed a high level of agreement on the proposals, with most resolutions receiving over 99% approval from the attending shareholders [5][12][20] Group 1: Meeting Procedures - The meeting was convened in accordance with the requirements of the Company Law and the company's articles of association [2][20] - The notice of the meeting was published on the Shanghai Stock Exchange website and in major newspapers, detailing the time, location, and agenda [2][3] Group 2: Attendance and Voting - A total of 743 shareholders attended the meeting, with 727 participating via online voting, representing 1.8822% of the total shares [4][20] - The voting process was conducted through a named voting method, and the results were announced immediately after the voting [20] Group 3: Voting Results - The voting results indicated that 389,253,060 shares were in favor of the proposals, with only 508,938 shares against, resulting in a 99.8334% approval rate [5][12] - The small investors' votes also reflected strong support, with 29,477,742 shares in favor, representing 97.8442% of their voting rights [5][12]

关于江苏亚星锚链股份有限公司 江 苏 骥 江 律 师 事 务 所 致：江苏亚星锚链股份有限公司 之 法 律 意 见 书 受江苏亚星锚链股份有限公司（以下简称"公司"）董事会聘请 和江苏骥江律师事务所（以下简称"本所"）委派，本所刘巧雯律师、 黄镜人律师出席公司 2024 年年度股东大会（以下简称"本次股东大 会"）并对会议进行法律见证。 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华 人民共和国公司法》（以下简称"《公司法》"）等法律、法规和规范性 文件的要求以及《江苏亚星锚链股份有限公司章程》（以下简称"《公 司章程》"）的规定，在会议召开前和召开过程中，本所律师审查了有 关本次股东大会的相关材料，并对本次股东大会的召集、召开程序、 提案人的资格、出席会议的人员资格、召集人资格、提案审议情况、 本次股东大会的表决方式、表决程序和表决结果等重要事项的合法性 进行了现场核验。本所律师按照律师行业公认的业务标准、道德规范 和勤勉尽责精神，并且基于公司作出如下承诺:所有提供给律师的文 件的正本以及经律师查验与正本保持一致的副本均为真实、完整、合 法、有效的。 现发表法律见证意见如下： 一、本次股东大 ...

证券代码：601890 证券简称：亚星锚链 公告编号：临 2025-024 江苏亚星锚链股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 22 日 (二)股东大会召开的地点：江苏省靖江市东兴镇何德村江苏亚星锚链股份有 限 公司二楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 743 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 389,902,512 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 40.6402 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会的召开，表决方式符合《公司法》、《上海证券交易所股票上市 规则》、《公司章程》及有关法律、法规的规定。主持人 ...

Investment Rating - The report recommends investment in the shipbuilding sector, specifically highlighting companies such as China Shipbuilding, China Heavy Industry, China Ship Defense, China Power, and others as key players in the industry [2][4]. Core Insights - The shipbuilding sector is experiencing robust growth with a revenue of 210.3 billion yuan in 2024, marking a 12% year-on-year increase, and a net profit of 7.2 billion yuan, which is a 103% increase compared to the previous year [3][13]. - The order backlog remains strong, with a significant increase in high-value orders, indicating a positive outlook for revenue and profit margin recovery in the coming years [27][40]. - The global shipbuilding market is characterized by a supply-demand gap, with a hand-held order coverage of 3.8 years, which is at a historical high, while the proportion of hand-held orders in total capacity is at a historical low of 12% [52][56]. Summary by Sections Revenue and Profit Growth - In 2024, the shipbuilding sector achieved a revenue of 210.3 billion yuan, a 12% increase year-on-year, and a net profit of 7.2 billion yuan, reflecting a 103% growth [3][13]. - The first quarter of 2025 continued this trend with a revenue of 45.1 billion yuan, also up 12% year-on-year, indicating sustained growth [7][13]. Order Backlog and Market Dynamics - As of Q1 2025, the global shipbuilding order backlog reached 381 million deadweight tons, a 2% increase from the end of 2024, with expectations for a delivery volume of 97.28 million deadweight tons in 2025, representing a 9% increase [52][47]. - The report notes that the ship price index remains high, with a slight decrease of 1% in Q1 2025, indicating a stable pricing environment despite fluctuations [40][36]. Competitive Landscape - The report highlights that despite challenges from U.S. sanctions, China's position as a global leader in shipbuilding remains unshaken, with a market share of approximately 54% in new orders as of Q1 2025 [71][80]. - The average age of the global fleet is increasing, leading to a projected demand for new vessels, with an estimated annual delivery requirement of about 110 million deadweight tons from 2025 to 2030, driven largely by the need to replace aging ships [59][60]. Future Outlook - The shipbuilding sector is expected to continue benefiting from high demand for bulk carriers, with a focus on high-value orders and improved profit margins as the industry recovers from previous downturns [27][4]. - The report anticipates that the transition to alternative energy vessels will accelerate, driven by stricter environmental regulations and the need for fleet modernization [60][61].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - NATO is expected to increase defense budgets, presenting new opportunities for military trade, particularly for China [2][35]. - The defense industry is poised for long-term growth, with recovery in demand and a clear roadmap for modernization by 2035 and 2050 [3][36]. - The low-altitude economy is gaining attention, supported by recent policies and strategic partnerships, indicating a potential growth area [31][34]. Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 1.18%, ranking 30th among 31 sectors [1][13]. - The PE (TTM) ratio for the defense sector is 74.26, with aerospace equipment at 133.63 and ground armaments at 138.63 [19][27]. Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft [4]. - Highlight new technologies in military applications, including companies like Lianchuang Optoelectronics and Guangqi Technology [4]. - Emphasize underwater equipment and missile industry chains, with key players like Hailanxin and Guokai Military Industry [4]. Industry Dynamics - The global military trade market is expected to grow due to increased defense spending, particularly in NATO countries [2][35]. - China's military trade exports are anticipated to rise, benefiting from geopolitical tensions and a competitive edge in weaponry [41][39].

江苏亚星锚链股份有限公司 2024 年年度股东大会 二零二五年五月二十二日 0 江苏亚星锚链股份有限公司 2024 年年度股东大会会议议程 现场会议时间：2025 年 5 月 22 日上午 10：00 网络投票时间：自 2025 年 5 月 22 日至 2025 年 5 月 22 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召 开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平 台的投票时间为股东大会召开当日的 9:15-15:00。 会议地点：公司二楼会议室 会议方式：现场投票与网络投票相结合的方式 会议主持人：陶兴董事长 会议议程： 一、主持人介绍到会情况； 二、主持人提名本次会议的监票人和计票人，并举手表决； | 三、本次会议审议以下议案，股东及股东代表对议案逐项审议、表决： | | --- | | 序号 | 议案内容 | 报告人 | | --- | --- | --- | | 1 | 公司2024年度董事会工作报告 | 肖莉莉 | | 2 | 公司2024年度监事会工作报告 | 景东华 | | 3 | 公司2024 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of developing deep-sea technology as a new engine for economic growth, with the deep-sea technology-related industries expected to exceed 3.25 trillion yuan by 2025, accounting for over 25% of the marine economy [5][14] - The report highlights the strategic shift of China from a "maritime power" to a "maritime strong power," with deep-sea technology becoming a key focus of national strategy [12][14] - The report identifies four major directions for deep-sea technology: marine resource development, marine technology, marine environmental protection, and marine rights protection [19][57] Summary by Sections What is Deep-Sea Technology? - Deep-sea technology refers to advanced technologies and related disciplines used for exploring, developing, and utilizing deep-sea resources and studying the deep-sea environment [4] Why Develop Deep-Sea Technology? - It is crucial for economic structural transformation and national security, with deep-sea technology expected to play a significant role in safeguarding national interests and resource rights [5] Directions of Deep-Sea Technology - Key areas include marine resource development (renewable energy, deep-sea mining, fisheries, oil and gas), marine technology (carriers, sensors, special materials), environmental protection (green ships, island engineering), and rights protection (polar engineering, integrated information networks) [6][19] Investment Recommendations - Focus on sectors with production material or new infrastructure attributes, specifically deep-sea equipment, deep-sea information technology, deep-sea exploration, and deep-sea special materials [7][59] - Recommended companies include: - Deep-sea equipment: Yaxing Anchor Chain, Zhenhua Heavy Industries, China Shipbuilding, China Power, China Shipbuilding Defense [7][59] - Deep-sea information technology: Zhongtian Technology, Oriental Cable [9][59] - Deep-sea exploration: China Marine Defense, Weiguang Co., Ltd. [9][59] - Deep-sea materials: BaoTi Co., Ltd., Western Materials, Western Superconducting [9][59]

截至5月13日收盘，国产航母概念下跌2.37%，位居概念板块跌幅榜前列，板块内，四创电子、光电股 份、中国船舶等跌幅居前，股价上涨的有2只，涨幅居前的有南山控股、ST瑞科等，分别上涨2.02%、 0.23%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600150 | 中国船舶 | -4.45 | 2.42 | -47941.95 | | 300065 | 海兰信 | -3.08 | 13.16 | -17138.01 | | 000768 | 中航西飞 | -2.11 | 1.81 | -16898.61 | | 600893 | 航发动力 | -3.18 | 1.22 | -15080.38 | | 601989 | 中国重工 | -3.86 | 1.26 | -14493.55 | | 601890 | 亚星锚链 | -3.32 | 6.90 | -11752.61 | | 002179 | 中航光 ...

Investment Rating - The report rates the defense and military industry as "better than the market" [4]. Core Insights - The recent conflict between India and Pakistan, where Pakistan used Chinese weapons to shoot down multiple Indian aircraft, has created new opportunities for China's military trade [2][34]. - Pakistan has imported over 80% of its military equipment from China in the past five years, highlighting its role as a key partner in China's Belt and Road Initiative [2][35]. - The demand for advanced military equipment, such as air defense systems and drones, is increasing due to the ongoing tensions in the region [2][35]. Summary by Sections Market Review - The defense and military index rose by 6.33% last week, outperforming other major indices [13]. - The current PE (TTM) for the defense and military sector is 76.08, with aerospace equipment at 136.47 and ground weaponry at 144.71 [21]. Key Recommendations - Recommended companies include: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and Zhongji Aviation for downstream manufacturers; and companies like Lianchuang Optoelectronics and Guangqi Technology for military technology [3][36]. Industry Dynamics - The military industry is expected to see long-term growth, with demand recovering and production capacity improving [3]. - The global military trade market has shown steady growth, with military spending correlating with trade volume [36][42]. Military Trade Insights - The top five military exporters from 2019 to 2023 were the USA (41.7%), France (10.9%), Russia (10.5%), China (5.8%), and Germany (5.6%) [39]. - China's military exports have been rapidly increasing, with a market share of 8.35% in 2023, driven by competitive weaponry and a decline in Russian exports [42][44].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and market conditions [1]. Core Insights - The company achieved a revenue of 1.989 billion yuan in 2024, reflecting a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 282 million yuan, up 19.2% year-on-year [3]. - In Q1 2025, the company reported a revenue of 588 million yuan, a significant increase of 31% year-on-year, although the net profit attributable to shareholders decreased by 23% to 52 million yuan [1][4]. - The company is expected to benefit from the high demand in the shipbuilding market, with orders totaling 185,300 tons in 2024, including 161,800 tons for marine anchor chains and accessories [4]. - The gross margin for Q1 2025 was reported at 27.99%, showing an improvement compared to previous periods, and the overall expense ratios were well controlled [4]. Financial Summary - The projected total revenue for the company is expected to grow from 1.931 billion yuan in 2023 to 3.112 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.6% [3]. - The net profit attributable to shareholders is forecasted to increase from 237 million yuan in 2023 to 433 million yuan in 2027, with year-on-year growth rates of 58.7%, 19.2%, 10.1%, 19.6%, and 16.7% respectively [3]. - The company's gross margin is projected to remain stable around 31% over the next few years, indicating consistent profitability [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 37.68 in 2023 to 20.58 by 2027, suggesting an improving valuation as earnings grow [3].